A third (34 per cent) of UK workers have looked for a second job to combat the rising cost of living, research has found.
The survey from Qualtrics revealed that more than a third (35 per cent) of full-time workers have looked for jobs with higher salaries, and 15 per cent were planning to look for a second job.
The analysis of 1,000 full-time workers, conducted in August and September 2022, found the majority (77 per cent) would work overtime or extra shifts in a bid to increase their take-home pay.
Ian Moore, managing director of Lodge Court, said that in today's economy working two jobs has become the “norm”, but that, contrary to popular belief, businesses could actually reap the benefits of employees with more than one job. “We’re going through a cost of living crisis and, by allowing your staff to take on a second job, you're enabling them to increase their income at a time when you can't pay them more,” said Moore.
“This can be beneficial for both parties – the employee gets a much-needed financial boost, and you get to keep a good employee who might otherwise have had to leave.”
The study also highlighted that working parents were especially strained, as 82 per cent of this group said their pay was not keeping up with costs as well as it did a year ago. Almost nine in 10 (88 per cent) said they had looked for a new or a second job.
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Simon Kelleher, head of policy and influencing at Working Families, warned that even before the cost of living crisis began to bite, parents were up against it financially. “Nearly a third of parents we surveyed last year were taking on paid work beyond their contractual hours to raise the additional income they need, and this number is only expected to escalate,” he said, adding that there is a clear need for families to be better supported.
However, Mandy Watson, managing director of Ambitions Personnel, cautioned that employers should not have their heads in the sand when considering the impact the additional burden of financial worries could have on their workforce. “With such a strong link between financial wellbeing and mental health, those taking on extra jobs will be at a higher risk of burnout,” she said.
“Organisations need to be mindful when it comes to an individuals’ circumstances – ensuring measures are in place to spot any signs that could be a concern for their employees’ welfare and, at the very least, be able to signpost resources available to staff.”